Question 1

At December 31,Idaho Company had the following ending account balances:​​  Prepare the Stockholders' equity section of the balance sheet in good form with all of the required disclosures.

Accepted Answer

The answer of At December 31,Idaho Company had the following...

Question 2

Match each of the following stockholders' equity concepts to the appropriate term (a-h) .
-A company whose shares can be bought and sold in public markets

Accepted Answer

A)  Articles of incorporation
B)  Limited liability
C)  Bylaws
D)  Corporation
E)  Public corporationF) Board of directorsG) Private corporationH) DividendsI) B) and E)
J) E) and G)

Question 3

A corporation,which had 18,000 shares of common stock outstanding,declared a 3-for-1 stock split.

Accepted Answer

The answer of A corporation,which had 18,000 shares of common...

Question 4

A 10% stock dividend will increase the number of shares outstanding,but the book value per share will decrease.

Accepted Answer

A) True 
 B)False

Question 5

A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500 of the shares at $20.What amount of revenue is realized from the sale?

Accepted Answer

A)  $0
B)  $5,000
C)  $2,500
D)  $10,000E) A) and B)
F) A) and C)

Question 6

When common stock is issued in exchange for land,the land should be recorded in the accounts at the par value of the stock issued.

Accepted Answer

A) True 
 B)False

Question 7

Kansas Company acquired a building valued at $210,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock.The stock is widely traded and selling for $15 per share.At what amount should the building be recorded by Kansas Company?

Accepted Answer

A)  $60,000
B)  $180,000
C)  $210,000
D)  $120,000E) None of the above
F) A) and D)

Question 8

Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500.The journal entry to record the reissuance would include a credit to

Accepted Answer

A)  Treasury Stock for $8,500
B)  Paid-In Capital from Sale of Treasury Stock for $8,500
C)  Paid-In Capital in Excess of Par-Common Stock for $2,900
D)  Paid-In Capital from Sale of Treasury Stock for $2,900E) A) and B)
F) None of the above

Question 9

The number of shares of outstanding stock is equal to the number of shares authorized minus the number of shares issued.

Accepted Answer

A) True 
 B)False

Question 10

If a corporation is liquidated,preferred stockholders are paid before the creditors and before the common stockholders.

Accepted Answer

A) True 
 B)False

Question 11

Match each of the following stockholders' equity concepts to the most appropriate term (a-h) .
-The number of shares sold to stockholders

Accepted Answer

A)  Authorized shares
B)  Issued shares
C)  Outstanding shares
D)  Par value
E)  Common stockF) Preferred stockG) Paid-In Capital in Excess of ParH) Transfer agentI) B) and H)
J) B) and G)

Question 12

If 50,000 shares are authorized,41,000 shares are issued,and 2,000 shares are reacquired,the number of outstanding shares is 43,000.

Accepted Answer

A) True 
 B)False

Question 13

A disadvantage of the corporate form of business entity is

Accepted Answer

A)  mutual agency for stockholders
B)  unlimited liability for stockholders
C)  corporations are subject to more governmental regulations
D)  the ease of transfer of ownershipE) A) and C)
F) C) and D)

Question 14

A company has 10,000 shares of $10 par common stock outstanding.Prepare entries to record the following:

Accepted Answer

The answer of A company has 10,000 shares of $10...

Question 15

The charter of a corporation provides for the issuance of 100,000 shares of common stock.Assume that 40,000 shares were originally issued and 10,000 were subsequently reacquired.What is the number of shares outstanding?

Accepted Answer

A)  10,000
B)  40,000
C)  30,000
D)  50,000E) All of the above
F) B) and C)

Question 16

When no-par common stock with a stated value is issued for cash,the common stock account is credited for an amount equal to the cash proceeds.

Accepted Answer

A) True 
 B)False

Question 17

Prepare entries to record the following:

Accepted Answer

The answer of Prepare entries to record the following: ...

Question 18

Match each of the following stockholders' equity concepts to the appropriate term (a-h) .
-Cash distribution of a company's earnings to stockholders

Accepted Answer

A)  Cash dividend
B)  Date of record
C)  Stock Dividends Distributable
D)  Date of declaration
E)  Treasury stockF) Preferred stockG) Date of paymentH) Paid-In Capital in Excess of ParI) A) and B)
J) C) and D)

Question 19

Sabas Company has 20,000 shares of $100 par,2% cumulative preferred stock and 100,000 shares of $50 par common stock.The following amounts were distributed as dividends:​  Determine the dividends per share for preferred and common stock for each year.

Accepted Answer

The answer of Sabas Company has 20,000 shares of $100...

Question 20

Dayton Corporation began the current year with a retained earnings balance of $32,000.During the year,the company corrected an error made in the prior year,which was a failure to record a depreciation expense of $3,000 on equipment.Also,during the current year,the company earned net income of $12,000 and declared cash dividends of $7,000.Compute the year-end retained earnings balance.

Accepted Answer

A)  $34,000
B)  $37,000
C)  $41,000
D)  $44,000E) A) and B)
F) B) and D)

Exam 13: Corporations: Organization, stock Transactions, and Dividends

A 10% stock dividend will increase the number of shares outstanding,but the book value per share will decrease.

Correct Answer
verified

Sabas Company has 20,000 shares of $100 par,2% cumulative preferred stock and 100,000 shares of $50 par common stock.The following amounts were distributed as dividends: Determine the dividends per share for preferred and common stock for each year.

Correct Answer
verified

Correct Answer
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Match each of the following stockholders' equity concepts to the most appropriate term (a-h) . -The number of shares sold to stockholders

Correct Answer
verified

Prepare entries to record the following:

Correct Answer
verified

Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500.The journal entry to record the reissuance would include a credit to

Correct Answer
verified

A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500 of the shares at $20.What amount of revenue is realized from the sale?

Correct Answer
verified

The number of shares of outstanding stock is equal to the number of shares authorized minus the number of shares issued.

Correct Answer
verified

The charter of a corporation provides for the issuance of 100,000 shares of common stock.Assume that 40,000 shares were originally issued and 10,000 were subsequently reacquired.What is the number of shares outstanding?

Correct Answer
verified

Match each of the following stockholders' equity concepts to the appropriate term (a-h) . -Cash distribution of a company's earnings to stockholders

Correct Answer
verified

If a corporation is liquidated,preferred stockholders are paid before the creditors and before the common stockholders.

Correct Answer
verified

If 50,000 shares are authorized,41,000 shares are issued,and 2,000 shares are reacquired,the number of outstanding shares is 43,000.

Correct Answer
verified

Match each of the following stockholders' equity concepts to the appropriate term (a-h) . -A company whose shares can be bought and sold in public markets

Correct Answer
verified

When common stock is issued in exchange for land,the land should be recorded in the accounts at the par value of the stock issued.

Correct Answer
verified

Kansas Company acquired a building valued at $210,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock.The stock is widely traded and selling for $15 per share.At what amount should the building be recorded by Kansas Company?

Correct Answer
verified

A company has 10,000 shares of $10 par common stock outstanding.Prepare entries to record the following:

Correct Answer
verified

A corporation,which had 18,000 shares of common stock outstanding,declared a 3-for-1 stock split.

Correct Answer
verified

At December 31,Idaho Company had the following ending account balances: Prepare the Stockholders' equity section of the balance sheet in good form with all of the required disclosures.

Correct Answer
verified

A disadvantage of the corporate form of business entity is

Correct Answer
verified

When no-par common stock with a stated value is issued for cash,the common stock account is credited for an amount equal to the cash proceeds.

Correct Answer
verified

Exam 13: Corporations: Organization, stock Transactions, and Dividends

A 10% stock dividend will increase the number of shares outstanding,but the book value per share will decrease.

Correct AnswerverifiedShow Answer

Sabas Company has 20,000 shares of $100 par,2% cumulative preferred stock and 100,000 shares of $50 par common stock.The following amounts were distributed as dividends:​ Determine the dividends per share for preferred and common stock for each year.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Match each of the following stockholders' equity concepts to the most appropriate term (a-h) . -The number of shares sold to stockholders

Correct AnswerverifiedShow Answer

Prepare entries to record the following:

Correct AnswerverifiedShow Answer

Treasury stock that had been purchased for $5,600 last month was reissued this month for $8,500.The journal entry to record the reissuance would include a credit to

Correct AnswerverifiedShow Answer

A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500 of the shares at $20.What amount of revenue is realized from the sale?

Correct AnswerverifiedShow Answer

The number of shares of outstanding stock is equal to the number of shares authorized minus the number of shares issued.

Correct AnswerverifiedShow Answer

The charter of a corporation provides for the issuance of 100,000 shares of common stock.Assume that 40,000 shares were originally issued and 10,000 were subsequently reacquired.What is the number of shares outstanding?

Correct AnswerverifiedShow Answer

Match each of the following stockholders' equity concepts to the appropriate term (a-h) . -Cash distribution of a company's earnings to stockholders

Correct AnswerverifiedShow Answer

If a corporation is liquidated,preferred stockholders are paid before the creditors and before the common stockholders.

Correct AnswerverifiedShow Answer

If 50,000 shares are authorized,41,000 shares are issued,and 2,000 shares are reacquired,the number of outstanding shares is 43,000.

Correct AnswerverifiedShow Answer

Match each of the following stockholders' equity concepts to the appropriate term (a-h) . -A company whose shares can be bought and sold in public markets

Correct AnswerverifiedShow Answer

When common stock is issued in exchange for land,the land should be recorded in the accounts at the par value of the stock issued.

Correct AnswerverifiedShow Answer

Kansas Company acquired a building valued at $210,000 for property tax purposes in exchange for 12,000 shares of its $5 par common stock.The stock is widely traded and selling for $15 per share.At what amount should the building be recorded by Kansas Company?

Correct AnswerverifiedShow Answer

A company has 10,000 shares of $10 par common stock outstanding.Prepare entries to record the following:

Correct AnswerverifiedShow Answer

A corporation,which had 18,000 shares of common stock outstanding,declared a 3-for-1 stock split.

Correct AnswerverifiedShow Answer

At December 31,Idaho Company had the following ending account balances:​​ Prepare the Stockholders' equity section of the balance sheet in good form with all of the required disclosures.

Correct AnswerverifiedShow Answer

A disadvantage of the corporate form of business entity is

Correct AnswerverifiedShow Answer

When no-par common stock with a stated value is issued for cash,the common stock account is credited for an amount equal to the cash proceeds.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Sabas Company has 20,000 shares of $100 par,2% cumulative preferred stock and 100,000 shares of $50 par common stock.The following amounts were distributed as dividends: Determine the dividends per share for preferred and common stock for each year.

Correct Answer
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At December 31,Idaho Company had the following ending account balances: Prepare the Stockholders' equity section of the balance sheet in good form with all of the required disclosures.

Correct Answer
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Correct Answer
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Correct Answer
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